DGTAL, a firm offering a SaaS platform with AI capabilities for insurance portfolios, has announced a significant €3m in strategic funding.
The latest investment has seen 1750 Ventures, the venture capital division of German VGH Versicherungen, coming on board as the anchor investor. They were joined by Gossmann & Cie. Subsequent shareholders to enter the frame include Swiss software corporation DEON and the team at DGTAL.
The genesis of DGTAL dates back to 2021. Since its inception, led by Dr. Florian Herzog and Arndt Gossmannd, the firm embarked on a mission to leverage AI in utilising unstructured data within claims files. This exploratory endeavour bore fruit, leading to a successful prototype capable of drawing unprecedented insights from vast volumes of unstructured data, signaling a major transition for the domain of claims management.
Currently, DGTAL’s technology is utilised to audit, evaluate, and assess claims portfolios. When looking at the bigger picture, claims settlement stands out as the central pillar of any insurance scheme, accounting for roughly 75% of the premium. The integration of AI into this segment is poised to reap financial savings exceeding €100bn annually, restricted to the European market.
Arndt Gossmann, the CEO of DGTAL and Managing Partner at Gossmann & Cie. shared his vision: “AI will change the way insurance works. I want DGTAL to become a major technology enabler of this paradigm shift. The strategic investment of VGH Versicherungen and the financial commitment of my partners at Gossmann & Cie. is great confirmation of what our team has built. Working with investors that know what they are talking about is the best call for action for a CEO. Working with an amazing team to support the change of an entire industry is an honour.”
On the investment’s significance, Chlodwig Reuter, Senior Partner at Gossmann & Cie. remarked, “Being well anchored in the insurance community, we see the importance of digital transformations and the power of AI for redefining how insurance works. The investment in DGTAL translates our sector experience and our firm strategic belief in technology.”
Echoing these sentiments, Andreas Zipf, Managing Director at 1750 Ventures, lauded DGTAL’s accomplishments, “DGTAL is an exceptional company, as it combines in-depth insurance knowledge and a technological advantage of two years in the application of AI. The company has processed more than 1 million of claims files. This remarkable journey exemplifies our investment strategy, which involves supporting outstanding founders and entrepreneurial management teams with a strategic roadmap and ambitious growth aspirations. We are pleased to enter this partnership with a new high-calibre shareholder such as Gossmann & Cie. and are looking forward to seeing DGTAL’s continued success.”
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